Market Today

Tokenized US Dollars in use…
Editorial Team

Exchanges from regular currencies to Ethereum tokens are facilitated by Tether, a token currency provider. This development assists in the simplicity and predictability of the transactions.

Dollars to Tokens
On 11 September 2017, the launch of ERC20 Tether tokens was announced by the partnership between Tether and Ethereum trading platform and information community hub.

This new token allows tokenized USD to be exchanged on the Ethereum network. Developers aspire to mitigate the delays that users face, by dealing with businesses and banks.

According to Will Harboune’s statement, Project Lead at Ethfinex, through this integration, is expected to have improved efficiency and stability in the Ethereum Network.

The conversion is explained as below:

The deposit of US Dollars from Tether users will be converted into a digital currency known as “Tether” (₮).

Each Tether token will have a name, a symbol attached, and it will be traded or transferred as an ERC20 token. Tethers experts promise that soon, currencies such as euros and yen will also be supported. To make the story short, through the use of TokenCard, users will be able to market their tokenized coins in a way similar to traditional credit cards.

Changes to Society
The uncertainty of transactions and difficulty of use of digital currencies are obstacles to their development. The collaboration between Tether and Ethereum seeks to change that. The novel digital currencies are expected to be used in everyday scenarios, such as paying bills or salaries, meeting the needs of traditional consumers and simultaneously broaden the range of products and services companies offer for payments. The impact of cryptocurrencies and blockchains on society is already visible. The way we travel, vote and entertain ourselves has been yet changed. Partnerships between companies such as Tether, Ethfinex, and Ethereum are going to modify the transfer of money as we know it.